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Is private property peculiar to capitalism and do socialists want to abolish it?
In the second in a series of Marxist Q&As, the MARX MEMORIAL LIBRARY examines the nature of private property and how it’s used to extract profit

NO, to both questions. Private property predates capitalism and will survive long after it has been abolished.

But it is important to distinguish personal possessions — your clothes, bicycle, your home (if you “own” it) from capital.

Capital is a particular form of private property — including factories, mines, transport and energy utilities, shops, offices, and, increasingly, financial capital — that enables its owners to make profit from the work of others, and to accumulate yet more capital, and power.

  • This fortnightly series aims to explore the current relevance of Marxism to a range of topics including economics, politics, science, culture and the arts. Answers are contributed by tutors from the Marx Memorial Library & Workers’ School, an education charity. We organise lectures, classes and online courses around the topics in this column. The current course — on Labour, Value and Exploitation — meets at the Library (in Clerkenwell Green, London) on alternate Tuesdays at 7pm (the next class is tomorrow, April 25) or you can join the online course which runs in parallel. For full details of both courses, and for the text of this and other questions and answers, visit our website www.marx-memorial-library.org.uk.
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